Commerzbank Vows Faster Asset Cuts as Earnings Beat
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Commerzbank AG, Germany’s second-largest bank, pledged to shrink at a faster pace as it reported fourth-quarter profit that exceeded analysts’ estimates. The shares climbed.
Net income of 64 million euros ($87 million) was boosted by lower provisions for risky loans and compared with a 726 million-euro loss a year earlier, the Frankfurt-based company said today. The average of nine analyst estimates compiled by Bloomberg was for a 23.3 million-euro profit.